2015 Connecticut General Statutes
Title 36a - The Banking Law of Connecticut
Chapter 664b - Corporate Organization and Administration of Connecticut Banks
Section 36a-71 - (Formerly Sec. 36-54). Franchise not transferable; forfeiture.
The right of any Connecticut bank to conduct the business for which it was organized shall not be transferable. This right shall be forfeited when such bank voluntarily ceases to conduct the business for which it was organized. The provisions of this section shall not affect a Connecticut bank which becomes a federal bank and which has continued the business for which it was organized without voluntary interruption.
(1949, Rev., S. 5779; P.A. 94-122, S. 36, 340.)
History: P.A. 94-122 extended to savings and loan associations the prohibition on transferral of bank franchises, effective January 1, 1995; Sec. 36-54 transferred to Sec. 36a-71 in 1995.
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